Tel Aviv-based cybersecurity hardware developer HUB Security signed a long-term framework agreement with a European corporation to provide Confidential Compute hardware solutions that are expected to reach $18 million in hardware and recurring services, the company stated in an announcement this week. The company already anticipates $3.6 million in revenues for 2022.
The news comes a month after the company signed a binding agreement with the Mount Rainier Acquisition Corp (RNER) traded on Nasdaq, for a merger expected to be executed this year.
“Our Confidential Computing solution has been in many pilots with leading enterprises and governments around the world for over a year,” said Eyal Moshe, CEO of Hub Security. “We are now gaining momentum in converting these pilots to actual transactions. The upcoming $1.28 billion SPAC merger with Mount Rainier Acquisition Corp will improve our access to the US market and other markets, which is likely to further increase our sales. Our products are unique on the market and allow the customer to operate in the system even during a cyber attack”.
Founded in 2017, HUB Security designed a cyber platform to provide military-grade security for AI and machine learning applications, critical infrastructure, finance, and cloud services. The company protects sensitive commercial information of companies with an advanced, encrypted computing solution to prevent hostile intrusions from disrupting organizations. HUB Security also offers professional services like integration, pen-tests, red-teams services, and DDoS attack simulations, among others.